Sara Mehrpouyan CDPE
Specializing in Short Sale & Foreclosure
Dre License #01712757
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If you're getting an FHA loan getting the bank to pay 3% towards closing costs it's much easier than getting the bank to give you that amount when you're putting 20% down. If you're putting 20% down the bank thinks "why do you need help?".
Dot Chance, RealtorÂ®
Certified Distressed Property Expert â€“ CDPEÂ®
DRE License #01494182
Keller Williams Realty World Media Center
WHEN YOU THINK OF REAL ESTATE...Think DotChance.com! My business thrives from your referrals!
It depends on the appraisal/BPO. Sounds like you have a good shot but it also depends on the seller an seller's agent getting all the paperwork to the bank that they need and in the meantime the home not foreclosing. The bank may counter the credit too.
The Carrabba Group
Keller Williams Hollywood Hills
You may be right.
You may be wrong.
Today, many Listing Prices are set intentionally LOW, 10-20% low, to attract multiple offers.
So if the house was $200,000, you are probably 25% under a reasonable price!
But you don't know, and neither do we.
You didn't get a CMA from a Realtor to determine the Fair Market Value for a good starting point.
I would say that your chances are very poor.
Good luck and may God bless